MARKET REPORT 66 FEED & ADDITIVE MAGAZINE January 2024 Soybean, which has the highest protein value among oilseeds, is a versatile plant with its structure that does not contain cholesterol and saturated fats, and high-quality protein content. Soybean, which is used extensively in both animal and human nutrition, is generally extruded, separated into oil and pulp. Soybean meal is used extensively, especially in the production of poultry feed and cattle feed. Soybean meal, which is used to balance the rations of farm animals and to complete the amino acid deficits, is a product with a high degree of digestion. As it is a major source of protein in the feed industry all over the world, it is a feed raw material strategically traded every day of the year. LATEST EXPECTATIONS IN SOYBEAN PRODUCTION In its latest report published in November 2023 by the International Grain Council (IGC), it is estimated that world soybean production, which was 357 million tons in the 2021/22 season, increased by 10 million tons in the 2022/23 season and stood at 367 million tons. The increase expectation for the 2023/24 season still continues. The latest forecast made by the IGC is that the production will be 395 million tons in the current season. This means a significant increase of 28 million tonnes. Likewise, the latest report of the US Department of Agriculture (USDA) Foreign Agricultural Service dated December 2023 provides almost the same data as the IGC report and supports an increase expectation. According to the USDA report, world soybean production, which was 360 million tons in the 2021/22 season, was 374 million tons in the 2022/23 season. USDA's forecast for the 2023/24 season is 399 million tons, that is, an increase of 25 million tons. Global Soybean Supply and Demand & 2024 Expectations Production estimates for soybeans, one of the most important animal feed ingredients, are promising for the industry. According to IGC's report, in the 2023/24 season, chiefly linked to bigger crops in South America, global soyabean production is forecast to expand by 7%, to a record of 395 million tons. By Derya Yildiz
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